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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Taking title subject-to a remaining senior lien... Posted by dmansocal on August 31, 2010 at 9:33 PM In Reply to: Taking title subject-to a remaining senior lien... posted by Ward-CA- on August 30, 2010 at 11:57 PM Hi Ward, and thanks for the reply. I have already taken care of the reinstatement with CalWestern Reconveyance. CalWestern recognizes me as the new owner I have the loan number. I understand I can continue to pay with the monthly loan balance, yet it seem to be a variable rate loan. I'm also concerned once I have a buyer and enter into escrow if Wells Fargo will become difficult in providing a payoff balance without getting authority for the loan. : Here's what you should do: : 1. Have the customer service department of your favorite title company email you a copy of Wells Fargo's trust deed. : 2. On the face of the trust deed you'll find their Loan No. : 3. Call Wells Fargo and ask for their Loans In Default department. Give them their loan number and explain you're the new owner via the foreclosure auction of the 2nd trust deed and would like to reinstate the delinquent payments and late charges. : 4. Send them a Cashier' Check for the reinstatement amount and then make the regular monthly payments thereafter. : 5. Stop banging you head against the wall trying to formally assume their loan. : : ----------------Ward : : ===================== : : : I purchase at trustee sale a 2nd subject to a first held by Wells Fargo. Recieved and paid the Reinstatement quote from Cal-Western Reconv., but I'm have problems with speaking to Wells Fargo on assuming the loan. : : They claim that the previous owner is the only person that can access the account. I've faxed over the trustee's deed and the correspondence with Cal-Western, yet no-one understands the process. : : I've tried the Foreclosure dept, Loan Loss mitigation dept, assumption team, customer service. It's like finding a needle in the haystack. I'm sure there is someone there that is knowledgeable of this process. : : If anyone has dealt with this matter with Wells, I'd be extremely appreciative with your solution. : : Thanks in advance Follow Ups: Pay-off demands... Ward-CA- 11:46 PM, 08/31/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward, and thanks for the reply. : I have already taken care of the reinstatement with CalWestern Reconveyance. CalWestern recognizes me as the new owner : I have the loan number. I understand I can continue to pay with the monthly loan balance, yet it seem to be a variable rate loan. I'm also concerned once I have a buyer and enter into escrow if Wells Fargo : will become difficult in providing a payoff balance without getting authority for the loan. : : Here's what you should do: : : 1. Have the customer service department of your favorite title company email you a copy of Wells Fargo's trust deed. : : 2. On the face of the trust deed you'll find their Loan No. : : 3. Call Wells Fargo and ask for their Loans In Default department. Give them their loan number and explain you're the new owner via the foreclosure auction of the 2nd trust deed and would like to reinstate the delinquent payments and late charges. : : 4. Send them a Cashier' Check for the reinstatement amount and then make the regular monthly payments thereafter. : : 5. Stop banging you head against the wall trying to formally assume their loan. : : : : ----------------Ward : : : : ===================== : : : : : I purchase at trustee sale a 2nd subject to a first held by Wells Fargo. Recieved and paid the Reinstatement quote from Cal-Western Reconv., but I'm have problems with speaking to Wells Fargo on assuming the loan. : : : They claim that the previous owner is the only person that can access the account. I've faxed over the trustee's deed and the correspondence with Cal-Western, yet no-one understands the process. : : : I've tried the Foreclosure dept, Loan Loss mitigation dept, assumption team, customer service. It's like finding a needle in the haystack. I'm sure there is someone there that is knowledgeable of this process. : : : If anyone has dealt with this matter with Wells, I'd be extremely appreciative with your solution. : : : Thanks in advance [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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